Shanghai Investing Summit 2016

The Darden School of Business and Pudong Institute of Finance enjoyed hosting you at the 2016 Shanghai Investing Summit on 13 May 2016, sponsored by the Darden Center for Global Initiatives, the Mayo Center for Asset Management and the Pudong Institute of Finance.

China: Finding Opportunities in an Uncertain Global Market

13 May 2016

To better understand what's next for China's investing market, identify and develop new opportunities and build investment organizations, the Darden School and the Pudong Institute of Finance convened industry leaders at the third annual Shanghai Investing Summit on 13 May in Shanghai. The Summit explored the theme, China: Finding Opportunities in an Uncertain Global Market.

Speakers Included:

Scott Beardsley, Dean and Charles C. Abbott Professor of Business Administration, University of Virginia Darden School of Business

Kenneth Eades, Professor of Business Administration and Academic Director of the Mayo Center for Asset Management, University of Virginia Darden School of Business

Scott Douglas Williams, Chairman of InvestUSA Committee (IUSAC) in China; Vice President of The American Chamber of Commerce in Shanghai (AmCham Shanghai)

2:35 p.m. – 3:00 p.m.Break

3:00 – 4:00 p.m.Session 4: Mini Case Study

James Liu, Partner, Jincheng Tongda & Neal

4:00 – 5:00 p.m. Session 5: Energy and China’s Future

Anthony Tse, CEO, Galaxy Resources

5:00 p.m.Closing Remarks & Networking Reception

Kenneth Eades, Professor of Business Administration and Academic Director of the Center for Asset Management, University of Virginia Darden School of Business

Speakers

Scott BeardsleyDean and Charles C. Abbott Professor of Business AdministrationUniversity of Virginia Darden School of Business

Scott C. Beardsley is the ninth dean of the University of Virginia Darden School of Business. He joined the Darden School as dean and Charles C. Abbott Professor of Business Administration 1 August 2015 after 26 years at McKinsey & Company, during which he held numerous senior roles, most recently as senior partner and, from 2011 to 2014, as an elected member of McKinsey’s global board of directors.

Beardsley was drawn to the Darden School’s global focus, its unparalleled academic rigor and education experience, and the University of Virginia’s Jeffersonian tradition of excellence. A values-driven leader, Beardsley is passionate about business education and Darden’s mission to improve the world by developing and inspiring responsible leaders and advancing knowledge.

A skilled leader in executive education and capability building, Beardsley is a global strategy and regulation expert, who has served leading clients in the telecom, technology, public, nonprofit and professional services arenas in places such as China, Latin America, the Middle East, Silicon Valley, Europe, India and Africa. He has a proven track record of impact, entrepreneurship, and innovation involving shared governance and private and public sector clients.

Beardsley was based for 24 of his 26 years at McKinsey & Company in the firm’s Brussels, Belgium, office. After joining in New York City in 1989, he was elected partner in 1995 and senior partner four and a half years later — putting him among the fastest to rise to senior partner.

Before becoming Darden’s dean, Beardsley led the talent development of McKinsey’s more than 12,000 professionals and helped lead the launch of the technology-enabled-learning platform McKinsey Academy. He co-chaired the committees that elect partners and senior partners.

Prior to that role, he led McKinsey’s strategy practice as managing partner in Europe, the Middle East and Africa for seven years, guiding it through a period of strong growth and innovation. Working on the ground in more than 40 countries and using an impact-driven approach to improve shareholder value, he has advised top decision-makers and complex companies on areas such as: performance transformation, strategy, human capital, marketing, efficiency, alliances and mergers.

Dean Beardsley has led major research efforts on topics such as technology trends, the knowledge economy, regulation, IT productivity, performance transformation and broadband. Through his research on business in society, he helped to incubate the McKinsey Climate Change Special Initiative, dealing with issues such as carbon abatement and sustainability. His current research interests focus on higher education leadership and leadership development architectures.

A frequent author, speaker and media commentator, he has presented at venues such as the World Economic Forum at Davos. A passionate faculty member, he has previously lectured in the MBA program of the Belgian business school Institut d’Administration et de Gestion. He has also served on a number of boards, including eight years as chair of the board of directors of the American Chamber of Commerce in Belgium.

In May 2015, Beardsley earned an executive doctorate in higher education management with distinction from the University of Pennsylvania. He holds an MBA from the Massachusetts Institute of Technology’s Sloan School of Management, where he received highest honors as a Henry S. Dupont III Scholar and was elected to serve as editor and marketing manager of the MIT Sloan Management Review. He received a Bachelor of Science in electrical engineering magna cum laude from Tufts University, where he was awarded highest honors as the Eastman Kodak Scholar, and was elected to the national engineering honor societies Tau Beta Pi and Eta Kappa Nu, as president.

From a family of educators, Beardsley was born in Maine and grew up in Vermont and Alaska. He is a citizen of France and the United States and is bilingual in English and French. He resides in Charlottesville, Virginia, on the Lawn at the center of the University of Virginia’s Academical Village, a UNESCO World Heritage site. He and his wife Claire Dufournet of Annecy, France, have three sons.

Kenneth M. EadesProfessor of Business Administration, Area Coordinator, Finance; Academic Director of the Mayo Center for Asset ManagementUniversity of Virginia Darden School of Business

Professor of Business Administration Kenneth M. Eades teaches First Year and Second Year courses in the area of corporate finance for the fulltime program. He also teaches in the executive format programs (EMBA and GEMBA) as well as a number of Executive Education programs for practicing managers. Professor Eades has served as the faculty representative on Darden's Alumni Board and as a member of Darden's Board of Trustees. He has been head of the finance area since 1995 and currently holds the interim title of Academic Director of the Mayo Center for Asset Management. In 2014-15 he served as the chair of the Darden Dean Search Committee. Eades joined the Darden faculty in 1988 after holding faculty appointments at Purdue University, University of Michigan and Northwestern University.

Professor Eades' research focuses on corporate finance issues including cost of capital, mergers and acquisitions, capital investment analysis, defined benefit pensions and pricing of convertible securities. He has published a number of academic articles in the highest ranking academic journals including, The Journal of Finance and Journal of Financial Economics. He has also published practitioner based studies related to important financial decisions such as the analysis of capital investments and mergers and acquisitions. He is the author of more than 70 Darden cases, three textbooks and several computer tutorials. He has received awards for research and teaching, as well as an award for his case study writing.

In association with Darden's Institute for Business in Society (IBiS), Eades has served as the moderator of the Strategic CFO Roundtable since 2008. The Strategic CFO Roundtable is a quarterly, invitation only convening of leading chief financial officers in the Washington D.C. Metropolitan Area to discuss, debate and share best practices on enhancing the strategic role of the CFO. The Roundtable participants share their views on the challenges and opportunities facing their companies and discuss the lessons learned from triumphs and trials that led to their becoming recognized as strategic CFOs. After each roundtable event, IBiS publishes "Views from the C-Suite", which is written by Professor Eades and reports a synopsis of the topics discussed and the viewpoints expressed by the CFOs.

James LiuPartnerJincheng Tongda & Neal

James Liu is a specialist in mergers and acquisitions (M&A), with particular expertise in providing strategic legal and business advice to industry, private equity and venture capital investors. Mr. Liu advises on cross-border transactions for both international investors coming into China and PRC enterprises investing offshore, and he has substantial experience structuring joint ventures, direct investments and acquisitions in both hi-tech and traditional industry sectors. A private equity and venture capital expert, Mr. Liu acts as counsel to a wide range of firms, including some of the world’s largest funds as well as small-scale start-ups, on their strategic investments in China.

Mr. Liu has been involved in all phases of investment and M&A transactions in China, from the initial planning and structuring through the approval and implementation stages. A substantial portion of Mr. Liu’s practice focuses on advising clients on investment strategy and opportunities, and he has extensive experience acting as business advisor to corporate directors and individual investors.

Mr. Liu sat on the Management Committee of JT&N’s since 2005 to 2011 and was the Managing Partner of its Shanghai office in 2008 and 2009. During his tenure, JT&N grew from a 80 lawyer firm to its current size of over 300.

Once in overseas hedge funds as chief investment officer, Mr. Liu is now a domestic investment expert. He is a Financial Times freelance writer, economic commentator in the Financial, Securities Market Weekly, Reform of China, China Securities News and other media. He worked on predictions of Sino-American quantitative macroeconomic models, proposed forward-looking analysis of global and Chinese macro economic and capital market, authored The Next Step in China's Economy: Boom or Trap, and Chinese Debt: the Economic Miracle is Rooted in the Future. Mr. Liu was awarded the Security Markets Weekly "Vision Cup" 2013 annual GDP forecast first place.

At present, a part-time Senior Fellows of Academy of excellence development Institute, his primary research interests included monetary theory, macroeconomic theory and macroeconomic forecasting model.

Richard Mayo (MBA '68)ChairmanMayo Capital Partners

After receiving his undergraduate degree from the University of Virginia in 1964, Mr. Mayo began his investment career with the First Union National Bank in Charlotte, N.C. He received his M.B.A. from the University of Virginia's Darden Graduate School of Management in 1968.

After graduation, he was a security analyst for the Keystone Custodian Growth Fund. In 1969 he helped found Batterymarch Financial Management, where he served as a portfolio manager. In 1977, Mr. Mayo was a Founding Partner of the investment firm Grantham, Mayo, Van Otterloo & Co. LLC (GMO), and he was with GMO until he founded Mayo Capital Partners in January of 2002.

Mr. Mayo is a member of the Board of Trustees for the Thomas Jefferson Foundation and is also on the Board of the University of Virginia Investment Management Company. He also serves on the Board of the Children’s Hospital Trust in Boston and is a member of its investment committee.

Anthony TseManaging DirectorGalaxy Resources

Mr. Tse has over 20 years of corporate private and public company experience in numerous high-growth industries including the technology, media and entertainment sectors, as well as resource and commodities – primarily in senior management, corporate finance, capital markets and M&A roles across Greater China and the Asia Pacific region. His previous roles include senior positions at News Corporation's STAR TV, the Deputy General Manager of TOM Online and Director of Corporate Development at the TOM Group (both part of the Hutchison Whampoa/Cheung Kong Group), President of CETV (a joint venture between TOM and Time Warner), and CEO of CSN Corp. During his time at TOM, he led over a dozen acquisitions and direct investments across the whole Greater China region, covering the top consumer magazine and book publishers in Taiwan, leading film and television entertainment, sports marketing and Internet companies in China.

He has been Managing Director of Galaxy Resources (ASX: GXY) since June of 2013 and was responsible for leading the corporate turnaround, which involved over A$400M of debt restructuring, refinancing and divestments. With the start of production at its Mt. Cattlin Project in Australia, Galaxy has become the only new hard rock lithium producer globally, and is also currently advancing development of it’s flagship Sal de Vida Lithium Brine Project in Argentina. The successful turnaround has seen the Company significantly recover from a low in its market capitalization of A$25 million in late 2015 to a current value of over A$500 million following the completion of its restructuring and restart of its operations. It is now strongly positioned to become the one of the world’s leading pure play lithium companies, with both hard rock and brine assets across multiple continents, and a strong downstream customer base. This, in a period when the market is seeing accelerating growth in demand due to the ever expanding adoption of the lithium battery as the preferred technology for use in consumer electronics, electric vehicles and mass energy storage.

Scott Douglas WilliamsChairman of InvestUSA Committee (IUSAC) in ChinaVice President of The American Chamber of Commerce in Shanghai (AmCham Shanghai)

Scott Douglas Williams is the Vice President of Programs & Services at AmCham Shanghai. Scott oversees Business Development & Marketing, Small Medium Enterprise Center & Virtual Platform Medical Benefits Program, Membership, Committees, Events, Corporate Visa Program, and the Yangtze River Delta markets including Jiangsu, Zhejiang, Anhui and beyond. Scott works closely with directors and member stakeholders to ensure market leading services and programs. Scott also serves as Chairman of the InvestUSA Committee (IUSAC) 2016, an independent group facilitating and promoting investment to the United States.

Previously, Scott worked 16 years in the express freight, and supply chain sector in roles with FedEx, DHL Express, and Nokia Mobile phones in senior management roles. Prior to that Scott worked 10 years in consulting and franchising in Japan. He was a Managing Director of Operations, Country Manager in Taiwan for FedEx, and the National Operations Director for DHL Express for China. Before joining AmCham Shanghai in August 2012, Scott was the functional head for Finished Product Delivery Logistics of Nokia for Greater China (included Taiwan, Macao, Hong Kong, S. Korea, Japan).

Scott has a masters degree in international management (MIM) from the American Graduate School of International Management (Thunderbird), and an undergraduate degree in business (B.S. Finance) from the University of Oregon. Scott's passion is supporting and facilitating healthy, robust U.S.- China business.

Dennis YangDale S. Coenen Free Enterprise Professor of Business AdministrationUniversity of Virginia Darden School of Business

Dennis Yang is the Dale S. Coenen Free Enterprise Professor of Business Administration. He has taught first-year MBA and GEMBA classes on Global Economies and Markets and is developing an elective course on China and Asia.

Yang's research focuses primarily on economic development and growth, as well as labor economics, especially in the context of China and economic transition. His work has covered a wide range of topics including household behavior, education, savings, poverty and famine, long-term growth, China's population policies, wage structure, and income distribution. He has published in leading economics journals, such as American Economic Review, Journal of Political Economy, Economic Journal, Journal of Economic Perspectives, Journal of Monetary Economics and the Journal of Development Economics. He has also co-edited three books on economic reforms in China and served on the editorial boards of several international economics journals.

Yang has held other positions worldwide. He is a senior research fellow at the Chinese University of Hong Kong, Peking University, Tsinghua University, and the Institute for the Study of Labor (IZA) in Germany. He is also the President-elect of the Association for Comparative Economic Studies and holds the Chang Jiang Visiting Professorship at Shanghai Jiao Tong University in China. He has undertaken consulting work for international organizations such as the World Bank and The Conference Board as well as other leading multinational companies.

A native of China, Yang obtained his undergraduate degree from UCLA and his Ph.D. in economics from the University of Chicago. Before joining Darden in 2012, he served on the economics faculty at Duke University, Virginia Polytechnic Institute and State University, and the Chinese University of Hong Kong.

Yin Lei started studying in the United States when he was 16 years old and was admitted to Harvard University four years later. After graduating from college in 1992, he joined Goldman Sachs. The following year, he continued his career at Goldman Sachs in Hong Kong.

For nearly 23 years, Yin Lei worked in the Hong Kong and Shanghai Goldman Sachs offices in the local equity capital markets (ECM), institutional sales, corporate services and the establishment and development of Chinese stock market. At the same time, he also experienced the Asian financial crisis, Europe and the United States sub loan crisis brought out the investment opportunities to the financial market after the great fluctuations and labor pains. Yin Lei served as Managing Director of Goldman Sachs Group, a member of the Asian Professional Development Council, Vice General Manager of Beijing Gao Hua Securities Co., Ltd. In 2015, Yin Lei joined Chongyang International Asset Management Co., Ltd. where he serves as Partner and Chief Executive.

Flight Information

Taxi Information

Taxis are a convenient and common way to travel around Shanghai. Always carry a "taxi card," which you can request from your hotel. Most taxi drivers will not speak or read English and a taxi card or note with your destination written in characters is the best way to communicate with drivers. Taxi drivers do not accept tips.

Attire

The Shanghai Investing Summit events required business attire.

Translation

The Shanghai Investing Summit featured live translation service allowing speakers of both Mandarin and English to attend and participate.